Pandemic-stricken businesses were given a double-edged sword with the much-publicized Payment Protection Program (PPP) last year. While the government was handing out money, the rules to use the money were confusing in 2020. And they still are in 2021. But, a May webinar at Salem State University should provide some needed answers.
This webinar is aptly titled “What You Need to Know About the Paycheck Protection Program.” It is set for May 4th from 10-11 am. There is no cost, but you must register.
Payment Protection Program History
The PPP was part of the CARES Act which was a $2.2 trillion US government stimulus package. The goal was to fight the massive economic consequences of the COVID-19 pandemic.
Borrowers were restricted to specific uses of loan proceeds. Allowable purposes included wages, salaries, mortgage interest, rent, and utilities. If they followed these rules, loans were forgivable.
Then a second wave of the PPP became law last December. It added $284 billion to the program. And more rules.
For example, did you know that:
- Grants are available for shuttered venue operators. These include live performing arts organizations, live venue operators, and zoos that meet specific criteria.
This is where the “What You Need to Know About the Paycheck Protection Program” webinar comes in handy.
It will cover Paycheck Protection Program loans available as first and second draws.
Specific areas to be covered in the PPP webinar:
- What are First and Second Draw PPP Loans
- Eligibility Requirements
- Explanation of the 60/40 Rule
- Coverage Periods
- How to Calculate Payroll Costs
- Forgiveness Documentation
- Upcoming Deadlines
Conducting the PPP webinar will be Rosa Di Virgilio Taormina, MSBDC Business Advisor – CARES Act
(The MSBDC is the Massachusetts Small Business Development Center. It provides high-quality, no-cost, confidential business counseling, training, and business research to Mass.-based small business owners and entrepreneurs.)
The Payment Protection Program loan deadline is now set for May 30, 2021. Are you self-employed or a small business owner negatively affected by the pandemic? Then take advantage of this free online PPP webinar. There is no cost, but you must register.